11. Black Swans, Natural Capital and Leadership with David Thompson, CIO at Zurich Insurance

David Thompson, Chief Investment Officer at Zurich Insurance Company Limited, joins us to discuss a career spanning investment banking, asset management and insurance investing. From writing 52 letters to land his first role at Lehman Brothers to leading one of the UK's major insurance investment portfolios, David shares the lessons that have shaped his investment philosophy and leadership style.The conversation explores how insurers balance long-term liabilities, why diversification matters more than predicting "black swan" events, and why Zurich has committed capital to UK natural capital through woodland creation, peatland restoration and biodiversity projects. David also discusses responsible investing, manager selection, developing high-performing teams and the importance of curiosity as a career advantage.Key topics coveredDavid's journey from Lehman Brothers to CIO at ZurichWhy he wrote 52 letters to secure his first role in financeHow trading, asset management and asset ownership each shaped his perspectiveManaging life, P&C and policyholder portfolios within an insurance businessStrategic asset allocation and working with external managersWhy Zurich invested in UK natural capital and biodiversityThe investment case for woodland creation and peatland restorationResponsible investing: what works and where the industry still falls shortPreparing portfolios for uncertainty rather than predicting market shocksBuilding cognitively diverse investment teamsRadical candour, Ikigai and developing future leadersWhy curiosity may be the most valuable skill in financeDavid's thoughts on the future of the UK investment marketMemorable quotes"You never stop learning in finance.""The best thing to do is to have a portfolio that's ready when uncertainty arrives.""The only lasting impact you have in financial services is the impact you have on other people.""Curiosity is just as important as IQ and EQ."Books and recommendations mentionedBirdsongAny Human HeartThe Black SwanBlinkWho Moved My Cheese?Quick FireFavourite sport: CricketFavourite TV drama: Peaky BlindersFavourite films: E.T., Oliver!, Ben-Hur, The Sound of MusicFavourite drink: White BurgundyFavourite hobby: ActingLeadership philosophy: Radical candour and IkigaiCareer advice: Stay curious and never stop learning.https://www.cioinvestmentclub.com/https://www.linkedin.com/company/cio-investment-club/posts/?feedView=all